Goerli Testnet Successfully Implements Shapella Hard Fork, but with Technical Complications
The Goerli testnet has undergone the Shapella hard fork, which was the final trial before Ethereum validators could retrieve their Ether (ETH) from the Beacon Chain, resulting in a drop in the ticker value of ETH by $1,707. However, there were challenges encountered during the hard fork.
Tim Beiko, a core developer of Ethereum, observed that some testnet validators had not upgraded their client software before the Goerli fork, resulting in a less seamless processing of deposits.
He attributed the issue to testnet validators having less motivation to upgrade since the Goerli ETH holds no value, but he anticipates that validators will make the necessary adjustments before the fork on the Ethereum mainnet.
According to Ethereum researcher “terence.eth,” it took 15 epochs for Shapella to be implemented on the Goerli testnet because network involvement was below the required two-thirds threshold.
EIP-4895 of the Ethereum Investment Proposal will move staked ETH from the Beacon Chain to the execution layer. While the Shapella upgrade involves five different EIPs, EIP-4895 is the most anticipated as it brings Ethereum closer to being a fully operational proof-of-stake system.
Shapella is scheduled to be activated on the Ethereum mainnet in early April after some delays in preparing the Sepolia and Goerli testnets for the fork.
According to Cointelegraph, the hard fork will enable partial and full withdrawals, potentially unlocking 17.6 million ETH or over $30 billion at current prices. Nonetheless, the Ethereum Foundation has put in place various mechanisms to prevent an inundation of ETH supply from flooding the market.
The total number of withdrawals allowed per day will only account for around 0.40% of the entire staked ETH, as only about 2,200 withdrawals can be processed in a day due to a maximum of 10 validators being assigned to an epoch, and each epoch taking about five or six minutes to process.
If each of the 2,200 validators were to withdraw the full 32 ETH staked, it would only amount to roughly 70,000 ETH, which is only a fraction of the 17.6 million staked.
The EthStaker live stream on YouTube, which occurred on March 15, shared the execution on Goerli.